Regions Bank 2008 Annual Report Download - page 3
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As Americans closed out 2008 in the midst of a rapidly declining economy,
Regions also fi nished the year with results that were both disappointing and
refl ective of a turbulent operating environment. Investment banks, large
national lenders, regional banks and community banks disappeared over the
course of the year. No part of the fi nancial services industry was immune.
The speed of change and level of unpredictability in our industry was
unprecedented, requiring government action on a scale never seen before.
In hindsight, the causes are clear. Easy consumer credit led to new
buyers and to highly unconventional mortgages; commercial banks and
government-sponsored agencies fueled the growth of residential real estate
lending; and investment banks packaged and sold these riskier assets to
investors, who had little transparency into what they were buying. After
real estate prices peaked in March 2007, the subsequent decline of housing
prices brought destructive results to the mortgage and credit markets.
Ultimately, the destruction led to a capital and funding crisis that resulted
in failed fi rms, federally-assisted acquisitions and investment banks
converting into bank holding companies.
While Regions did not suffer the devastating results that larger fi nancial
services institutions experienced, the impact we felt was proportionate
to our size and business mix. I recognize that this industry context is of
little comfort to our shareholders.
To my fellow shareholders:
– MESSAGE FROM C. DOWD RITTER –